Singapore Sovereign Fund Invests $136 Million in Korean Retail Complex
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Singapore’s sovereign wealth fund, GIC Real Estate Pte Ltd, has acquired GG-Square, a Seoul-based retail complex, for $136 million.
The complex was completed in 2014 and is spread over an area of 238,248.43 square meters. It has 28 stories and is located in the heart of Anyang, a bustling metropolitan area in the southern part of Seoul. The complex is strategically located as it offers direct access to the city’s subway. Besides retail outlets, G-Square also has offices, spread over an area of 34,681 square meters.
The complex is operated by one of the largest retail operators in South Korea, Lotte Shopping Co. However, after acquisition, it will be managed by IGIS Asset Management, a leading real estate management company in South Korea.
GIC has been showing interest in the real estate, of late. Earlier in 2016, the sovereign wealth fund entered into an agreement with Shingsegae Inc., a South Korea-based department store franchise, to develop a retail mall based in Songdo.
Questions & Answers
Q.What is the total size of the GG-Square retail complex that GIC has acquired?
What is the total size of the GG-Square retail complex that GIC has acquired?
The complex spans 238,248.43 square meters. This includes both retail outlets and the office space within the 28-story building.
Q.Which company will now manage the GG-Square complex after its acquisition by GIC?
Which company will now manage the GG-Square complex after its acquisition by GIC?
Following the acquisition, IGIS Asset Management, a prominent real estate management company in South Korea, will take over the management of the GG-Square complex.
Q.Has GIC made any other real estate investments in South Korea recently?
Has GIC made any other real estate investments in South Korea recently?
Yes, GIC previously partnered with Shingsegae Inc., a South Korean department store franchise, in 2016 to develop a retail mall in Songdo.
Q.Where exactly is the GG-Square complex located?
Where exactly is the GG-Square complex located?
The complex is situated in the heart of Anyang, which is described as a bustling metropolitan area in the southern part of Seoul. It also offers direct access to the city’s subway.
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